Your Company makes a single product. Only one kind of direct material is used to make this product. The company uses a standard cost system. The company's cost records for June show the following data: Number of units produced . 10,000 Material price variance. $8,400Unfavorable Material quantity variance. $8.000Favorable Actual direct material used . 21,000pounds Direct materials standard price. S8per pound The standard cost of direct material for one unit of output is: O $16.00 O S 2.20 O $17.60 O S 8.00

Your Company makes a single product. Only one kind of direct material is used to make this product. The company uses a standard cost system. The company's cost records for June show the following data: Number of units produced . 10,000 Material price variance. $8,400Unfavorable Material quantity variance. $8.000Favorable Actual direct material used . 21,000pounds Direct materials standard price. S8per pound The standard cost of direct material for one unit of output is: O $16.00 O S 2.20 O $17.60 O S 8.00

Name: Your Company makes a single product. Only one kind of direct material
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Description: Your Company makes a single product. Only one kind of direct material is used to make this product. The company uses a standard cost system. The company's cost records for June show the following data:Number of units produced.10,000Material price va

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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2. Queen Industries uses a standard costing system in the manufacturing of its single product. It requires 2 hours of labor to produce 1 unit of final product. In February, Queen Industries produced 12,000 units. The standard cost for labor allowed for the output was $90,000, and there was an unfavorable direct labor time variance of $5,520 (HINT - this is helpful to solve the problem). NOTE: All dollar amounts are rounded to whole dollars and shown with "$" and commas as needed (i.e. $12,345). For the variance conditions, your answer is either "F” (for Favorable) or "U” (for Unfavorable) - capital letter and no quotes. What was the standard rate per hour ? standard rate per hour. (with "$" round answer to two decimal places with commas as needed) If the workers were paid $3.90 per hour, how many actual hours were worked ? actual hours. (round answer to whole number with commas as needed) Complete the following table of variances and their conditions: Variance Variance Amount…
Tharaldson Corporation makes a product with the following standard costs. Direct materials. Direct labor Variable overhead The variable overhead rate variance for June is: The company reported the following results concerning this product in June. Originally budgeted output Actual output Raw materials used in production Purchases of raw materials Actual direct labor-hours Actual cost of raw materials purchases Actual direct labor cost Actual variable overhead cost Multiple Choice $1,200 F Standard Quantity or Hours $1,212 U 6.0 ounces 0.3 hours 0.3 hours $ 42,300 $ 13,600 $ 3,700 The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. $1,212 F Standard Price or Rate $3.00 per ounce $11.00 per hour $5.00 per hour 3,600 units 3,200 units 21,000 ounces 22,100 ounces 500 hours Standard Cost Per Unit $18.00 $3.30 $ 1.50
Tharaldson Corporation makes a product with the following standard costs: Direct materials Direct labor Variable overhead Standard Quantity or Hours 6.5 ounces 0.2 hours 0.2 hours The company reported the following results concerning this product in June. Originally budgeted output Actual output Raw materials used in production Purchases of raw materials Actual direct labor-hours Actual cost of raw materials purchases Actual direct labor cost Actual variable overhead cost The labor rate variance for June is: Standard Price or Rate $ 2.00 per ounce $23.00 per hour $ 6.00 per hour 2,700 units 2,800 units 19,380 ounces 21,400 ounces 500 hours $ 40,660 $ 12,050 $ 3,100 Standard Cost Per Unit $ 13.00 $ 4.60 $ 1.20 The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased.
a. The standard cost of product AAA includes 6 units of direct materials at $10 per unit. During August, the company bought 60,000 units of materials at $12 and used those materials to produce 11,000 units of product AAA. AQ= AP = SQ = SP = Compute the total, price, and quantity_variances for materials.
Parallel Enterprises has collected the following data on one of its products. During the period the company produced 25.000 units. The direct materials price variance is Direct materials standard (7 pounds @ $1.65/pound) Actual cost of materials purchased. $ 11.55 per finished unit $ 257,850 Actual direct materials purchased and used. 143,000 pounds Multiple Choice $30,900 unfavorable $52.800 favorable $30,900 unfavorable. $52,800 favorable. $52,800 unfavorable. $21,900 favorable. $21,900 unfavorable.
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